We’ve all heard the stories about big companies experiencing data breaches that have affected millions of Americans across the country. But did you know that data breach has affected 143 million consumers? When these data systems were accessed illegally, hackers gained access to everything from birthdates and addresses to driver’s license information and social security numbers. With a wealth of personal and financial information at their fingertips, it’s easy for these cybercriminals to start making unauthorized purchases in your name, severely damage your credit, and even steal your identity. So, what can you do to protect yourself from cyber-attacks and other common types of identity theft? In addition to investing in identity theft insurance from your trusted local Tucson insurance agents, you can educate yourself about theses common threats and take steps to better protect your financial information in your day to day life.
What is Identity Theft Insurance?
Identity theft insurance works to help relieve some of the costs associated with identity theft. Typically, this type of insurance policy will reimburse policyholders who need access to funds that will help them to reclaim their financial identities and repair their credit reports. In a covered event, your policy will likely cover the cost of legal representation, phone bills, credit counseling, and more. Additionally, your policy may provide access to specialists who are available to help guide you through the process of reclaiming your identity and restoring your financial history.
Depending on your policy, some of the identity theft-related expenses that may be covered include:
- Obtaining copies of your credit scores
- Lost wages
- Childcare costs
- Postage for mailing official documents
- Notary fees
- Legal fees
- Credit monitoring services
- Long-distance phone calls
It is also important for policyholders to keep in mind that while you do have insurance to help with many of the associated costs related to identity theft, your coverage will not extend to pay for direct financial losses. Your credit card lender or banking institution may have certain protections in place to assist you with these direct financial losses, but your identity theft insurance will only work to cover many of the expenses that you will incur after your identity has been stolen.
What Are the Most Common Types of Identity Theft?
With more than 15.4 million Americans being affected by identity theft in 2016 alone, it’s easy to see that there are many ways that hackers and other criminals can access your sensitive information. But knowing where you need to work harder to protect yourself from these criminals can be extremely helpful. Some of the most common ways types of identity theft include:
If your mail is stolen, thieves can access personal information, financial information, and even change your address with different lenders so that you’ll never know they’ve opened an account in your name. To prevent this from happening, it can be helpful to invest in a mailbox that locks or a secure post office box.
Debit and Credit Card Fraud
There are many ways that criminals can access your credit and debit card information, especially if you shop online. But one increasingly popular way of stealing this information is through ATM card reader attachments. These devices look just like a regular card reader and steal your card number, PIN and security code once you swipe. Be sure to always check ATMs for signs of tampering, and tug on the card reader before swiping your card. If something seems off, don’t use it and notify your bank as soon as possible.
Contact Mooney Insurance Today
Want more information on the benefits of investing in total insurance protection with a comprehensive identity theft policy? Call (520) 751-0502 or contact our friendly agents today, and be sure to request a free quote.